Los Angeles daily herald., 1887-06-25
RUEFUL RUMORS.
Upset the New York Stock
Exchange.
GOULD's DEMISE REPORTED.
A Panic Ensues In Which Stocks
Rapidly Change Hands, but
ALI Ends Peaceably.

Associated Press Dispatches to the HnnAxD
New YoRK. June 24.---There Il evsnt
excitement at the Stock Exchanes-
Prices began declining rapidly abo1t
noon. 1t is understood that the brssk
was caused by the report that Jay
Gould was dead. Western Union TN
from rs TO 6S, but is now rsooverisg.
Gould is at his Office, but refuses to see
reporters. The furry now sssms over,
as the list seems to be going up to for
mer prices.
THE TROUBLE BEGINS.
Reports were circulated to day thak
Jay Gould was dead, and that there had
been falling out between jay Gould,
Russell Sage and Cyrus W. Field. At
the same time heavy blocks Of Manhol-
tan stock were offered, .causing the steck
to fall from 1864 to l2O. The room wus
with brokers, and the de-
cline brought out selling orders r
all classes Of securities. Western UniGo
began to break about II and 10 hltonr
minutes dropped eight points. The III
in other stocks was .correapoadisGlV
great. The greatest excitemene wse. -
the loan crowd where there were ma
inquiries for loans on call, but psrtiSs
prominent in loanipg money refused 10
lend any ameunt, no matter how small
THE PANIC DEVELOPS.
The excitement reached its greatest
height shortly before noon and = vsri-
table panic was developed. No atttn-
lion was paid by brokers to fractions in
The sales made by them and the Auctua.
lions were so wild that sales were some-
times from five to ten per cent. apart.
Stocks bought near the opening vGso
thrown over when the break occurlo4
and this selling completely demoraIissd
.peculators. Wall street was the scene
of more excitement than has been wit
messed since the May panic Of '85. No
iailnres are announced.
RAPID DECLINES.
The greatest declines recorded were
Manhattan 403 points, Missouri Pacific
IL, Western Union s, Cottonseed 7,
Richmond Terminal u, New England 9.
md Lake Erie and Western 5. The in
creased interest saved the room from .
money panic by its demands for stocks
'or delivery, and some large operators
sntersd the market and began buying
freely. They soon gathered q large fob
owing and their buying turned the
market about as rapidly as it had fallen.
and stocks took long jumps back to for
mer prices. Manhattan recovered 20 aud
other stocks generally recovered sbout
pne. half. Gould denies the story that
be and Field had quarrelled.
FAILURES REPORTED.
The only failures so far reported re-
sulting from the break in the market
were on the Union Consolidated Ex-
change where 30, 900 shares of various
stocks were sold for account. Thomas
Murphy, who was unable to respond to
D call for more margins. and some other
small lots were closed out for a broker
named Casey who was sick and unable
10 appear.
SCARCITY OF CASH.
Money is ruling steadily at per cent.
4 day and interest equal to 90 per cent.
per annum. When the. delivery hour
passed at the Stock Exchange without
the announcement of any failures, the
street became,,more contident.and buying
orders were received from all sources.
The bears attempted to cover at the
same time that the big operators begsn
10 buy and in consequence a.
most all the loss sustained dur
ing the PANIC of the morning was re-
gained. The trading for the day was
The liveliest that is remembered; the
whole line having declined and rallied
from 8 to 20 per cent. The feeling II
how more confident, and it is generally
thought that the losses are widely scat
tered throughout the country and not
confined to the city as in previous pan
les.
Money is stifl scarce even at the high
rate charged, and this is considered the
worst featurs of the market. Murphy
has announced that he will settle all
isims in full at 3 p. NJ. The market
clos d firm, but quiet at an advance.
THE BULLS BAcKERs.
Wall sire was puzzled to account for
The fact that sub great decline could
occur without dragging down some Of
the bull houses which have been carry
ing large lines of stock, but this 10 ex-
planned by the reports that Gould,
Field, Vanderbilt and Philadelphis
capitalists had taken up the stocks
which were in weak hands and relieved
the holders of the necessity Of sacrificing.
AFTER DINNER DISCUSSION.
The mornings break was the chief
topic this evening among Wall street.
men who gathered in up. town hotels af-
ter dinner, and the general feeling seems
to be that the panic and depression was
only temporary and that the market
would soon take an upward turn.
THE RUMoR A CANARD.
Cyrus w. Field says there is no truth
in the rumor that he and Jay Gould and
Russell Sage have fallen out. He claims
they are on the best of terms.
Highland Park.